What is the maximum you can put in an HSA per month?

Health Savings Accounts (HSAs) are a valuable tool for managing healthcare costs and saving money for future medical expenses. One common question that many people have is, 'What is the maximum you can put in an HSA per month?'

The maximum amount you can contribute to an HSA per month is determined by the IRS each year. For 2021, the contribution limits are $3,600 for individuals and $7,200 for families. This means that individuals can contribute up to $300 per month, while families can contribute up to $600 per month.

Contributions to an HSA are made on a pre-tax basis, which means that you can lower your taxable income by contributing to your HSA. Additionally, any interest or investment earnings on the money in your HSA are tax-free as long as the funds are used for qualified medical expenses.

It's important to note that there are eligibility requirements for contributing to an HSA, including being enrolled in a high-deductible health plan (HDHP) and not being enrolled in Medicare. If you meet the requirements, contributing to an HSA can provide you with significant tax advantages and help you save for future healthcare expenses.

When considering how much you can contribute to your Health Savings Account (HSA) each month, it’s vital to recognize that these limits are set annually by the IRS. For 2023, for instance, individuals can contribute a maximum of $3,850 per year, which comes down to approximately $321 per month, while families can contribute up to $7,750, or about $646 per month.